Rightmove Warning

Jul 19, 2010

Rightmove, the UK’s largest property website, today released data that shows that unsold properties on estate agents’ books has increased 25% this year. This is because new instructions are outnumbering mortgage approvals by a long way and new listings are now up a massive 45% compared to July last year.

Accurate and REALISTIC pricing is essential now. Or else you won’t sell. You have a LOT of property competition now, more so than for three years or so.

Miles Shipside of Rightmove says “The tradition of testing the water at a higher figure before reducing at a later date will backfire in areas of excess supply, as over-ambitious sellers will have to cut back even more as they chase prices downwards.”

It’s a buyers market with price now dropping (0.6% last month alone) and it’s unfortunate that many estate agents themselves fail to acknowledge that glaring fact when valuing people’s homes still.

Never trust an estate agent? When they are over valuing your home you certainly shouldn’t currently.